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《大行報告》瑞銀下調普拉達(01913.HK)目標價至50元 評級「買入」
阿思達克 06-27 15:45
瑞銀髮表研究報告指,普拉達(01913.HK)將於下月底公佈上半年業績,預期中期銷售額達到18.2億歐元,按固定匯率計算增長18%,較2019年同期則增長17%。 該行預計,公司的零售業務將繼續推動業績增長,固定匯率計渠道銷售料增長20%;批發業務戰略合理化後,預期將按年增長6%。該行預計上半年毛利率擴闊至77%,在產品組合推動下年底有望達到管理層目標的約78%。 瑞銀表示,普拉達強勁的品牌能力將推動上半年業績增長,憑藉着成熟門店網絡及成本結構,預計收入的持續改善將轉化爲銷售密度提升、營運槓桿改善和盈利能力增強,給予「買入」評級,但由於預測市盈率下調至30倍,將目標價亦相應由53元降至50元。
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